The "spineless" deal between Hutchison and BlackRock: ports transform from tools for controlling trade flows into political cards for the U.S. against the PRC

On March 28, 2025, it became known that billionaire Li Ka-shing, Hong Kong's most famous tycoon and owner of Hutchison, refused to sign an agreement to sell the ports to a consortium that includes the American investment conglomerate BlackRock.

At the end of March 2025, Chinese leader Xi Jinping also reacted sharply to the Hong Kong conglomerate Hutchison's preparations to sell dozens of ports to the American company BlackRock for an estimated $23 billion, privately calling the company's position "spineless."

This change in Beijing's reaction is a game-changer, as initially China was restrained despite the scale of the agreement, which covers 43 ports in 23 countries, including facilities in the Panama Canal, Australia, Mexico, Egypt, Malaysia, and other key locations.